The event draws keen investor attention, and sometimes delivers a rough ride for markets
A sign in the lobby of Jackson Lake Lodge, the site of the Jackson Hole Economic Symposium, in Grand Teton National Park, on Aug. 27, 2010.Central bankers from around the world fly into Jackson Hole, Wyoming, this week to attend what has become the globe’s premier economic gathering, the Kansas City Federal Reserve’s annual symposium in Grand Teton National Park.
Also joining are several dozen economists and officials from academia, government and international organizations as well as the Fed and a few financial institutions, and a cadre of journalists.A bear and a bunch of papers The conference goes until midday on Saturday and largely consists of discussions of a series of academic papers. This year’s theme is “reassessing the effectiveness and transmission of monetary policy.”
Most analysts expect the former and not the latter, but as Deutsche Bank economists note, “it will be difficult for Powell to pre-commit to a particular trajectory at Jackson Hole.” Powell has pledged to be data-dependent, and there is lots of economic data before the Fed’s Sept. 17-18 meeting.The S&P 500 index lost 3.
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